Power Grid Corporation slips below key cloud support at ₹249

is testing a decisive technical level after closing at ₹249. The latest candle was narrow, but it came after a sequence of lower highs and declining swings from the May peak near ₹320. That context matters: a quiet session at support does not by itself signal accumulation. Price has now slipped beneath the earlier rising trend structure, making the next few closes more important than the intraday bounce. Ichimoku signals remain restrictive. The Tenkan-sen is near ₹257 and the Kijun-sen near ₹259, both above the current price. The cloud is also overhead, roughly from ₹258 to ₹269, creating a layered resistance area. Until the stock re-enters this zone, rallies can face supply rather than build a new uptrend. ₹247–₹249 is the immediate support range. A sustained close below it can open the path towards ₹238. For a constructive change, Power Grid needs to reclaim ₹257 first and then clear ₹269. Transmission capex, project execution and regulatory returns remain the fundamental factors to track for the utility.